PNG Jewellers Q2 update: Retail business soars 29% YoY on strong festive season sales; shares up 3%

At around 1:33 pm, the stock was trading 0.38% higher at ₹657.55 per equity share.

Its retail segment witnessed a robust 29% year-on-year (YoY) growth in Q2FY26, driven by healthy store-level performance and strong festive season sales, accounting for 72.2% of total revenue, PNG Jewellers said in a regulatory filing.

The festive season continued to remain a key growth driver, with strong contributions from Ganesh Utsav, Janmashtami, Raksha Bandhan, and Navratri. “Our Mangalsutra Mahotsav and Painjan Mahotsav also received an exceptional response, further boosting sales,” the company stated.

The jewellery maker posted a 31% YoY increase in its total revenue to ₹2,173.3 crore in the September quarter of FY26, compared to ₹1,657.1 crore (excluding revenue from the refinery segment) in the same period in the previous financial year.

The jewellery maker discontinued its refinery business on October 1, 2024. The segment has contributed ₹343.5 crore in the second quarter of FY25. Including the revenue from the refinery segment, total revenue surged 8.63% YoY.

Under the non-retail segment, its e-commerce business surged 113.2% YoY, compared to the same quarter in the previous financial year, contributing 6.6% to total revenue. The growth reflected the jeweller's successful digital expansion and increasing online customer engagement, it added.

PNG Jewellers’ franchisee operations segment advanced 105% YoY, accounting for 15.6% of total revenue, driven by strong franchisee performance.

Its other segment, which comprises mainly B2B sales from the head office and corporate segment, accounted for 5.6% of total revenue during the quarter under review.

During Q2FY26, the company’s gold category registered a 24% increase in value and a 15% increase in volume. Furthermore, the Silver category delivered a strong performance with 92% growth in value and 59% growth in volume.

Diamond sales also improved, recording a 31% rise in volume compared to the previous quarter, resulting in the stud ratio (the percentage of sales generated from jewellery that is decorated with studs, gemstones, or other embellishments) surging by 9%.

The same store sales growth (SSSG) stood at a healthy 29%, compared to the previous quarter.

During the quarter ended September 2025, PNG Jewellers launched eight exclusive showrooms, including five company-owned outlets (COCO) and three franchise outlets (FOCO), which took its total store count to 63 as of September 30, 2025.

FY26 outlook

The company plans to continue to accelerate its store rollout plan, with 13 to 15 new openings planned for the second half of FY26, including a mix of COCO and FOCO outlets.

“These additions will bring us closer to achieving our target of a 76-78 store network by fiscal year-end,” it said, adding that, “Key growth markets such as Maharashtra and Goa, where we continue to maintain a leadership position, and other regions such as Madhya Pradesh, Uttar Pradesh, and Bihar, which present strong growth potential, will remain at the core of our expansion strategy.”

PNG Jewellers has a total market capitalisation of ₹8,920.79 crore, as of October 8, 2025, according to data on the NSE.